The Convenience Shop (Holding) plc, the holding company behind the retail franchise The Convenience Shop, has reported significant financial growth in 2021, when compared to its 2020 figures.

The company’s recorded profit before tax of €1.6 million in 2021 is a sizeable increase of 53 per cent from its profit before tax of €1 million in 2020.

While it registered revenue of €35.2 million throughout the year – which is a 7 per cent growth on its 2020 figure – The Convenience Shop (Holding) plc’s gross profit margin also showed a steady increase from 10.5 per cent in 2020 to 13 per cent in 2021.

The holding company ended the year with an impressive €4.7 million in net cash generated from operating activities – a 28 per cent increase from the previous year’s figures.

Benjamin Muscat, The Convenience Shop (Holding) plc Chairman

“Our year-end results exceeded expectations, reflecting a strong operational performance as the Group benefitted from its investments and the diversification of its operations, including online sales,” said The Convenience Shop (Holding) plc Chairman, Benjamin Muscat, on the results. “The Group continued optimising its space-to-sales and space-to-margin opportunities through category management, resulting in further rationalisation and the enhancement of products. Category management extended product categories and ranges to reflect the specific needs of customers in each location.”

“Credit goes to the Group’s management team, and our superstar frontliners for their unwavering commitment to serving our customers, notwithstanding the difficult circumstances created by the pandemic,” Mr Muscat added.

As Malta’s largest food retail chain, The Convenience Shop now has 78 outlets across more than 40 carefully selected locations. Joining the new SkyParks outlet, another is soon to open in Rudolph Street, Sliema, with others planned through the rest of this year.

More information is available at www.theconvenienceshop.com.